TEHRAN (Tasnim) – Russian President Vladimir Putin signed into law a draft agreement to establish a free trade zone between Iran and the Eurasian Economic Union (EAEU) countries.

The draft agreement was ratified by the State Duma and the Federation Council (two houses of the Russian parliament) on November 15 and 23, respectively.

The agreement, signed in Astana on May 17, 2018, sets the main rules of trade between the EAEU, Iran and those of the World Trade Organization (WTO), which Iran is not a member of, the Tass news agency reported on Wednesday.

It is intended for a period of four years, under which the EAEU will grant Iran tariff concessions on 502 harmonized commodity codes.

The Eurasian Economic Union includes Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia. Iran and EAEU members started to develop the agreement on the free trade in 2015, though the signing has been postponed several times.

The agreement enters into force 60 days from the date of receipt of the last written notice of completion by the member states of the EAEU and Iran of the internal procedures necessary for its entry into force, the report added.